本立科技(301065) - 2025 Q2 - 季度财报

Section 1 Important Notice, Table of Contents and Definitions This section provides an important notice, the table of contents, and definitions of key terms used throughout the report. Important Notice The company's board and management assure the report's accuracy and completeness, while also stating no semi-annual cash dividends or bonus shares will be distributed. - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[5] Definitions This section defines key terms, abbreviations, company products, and technology platforms to ensure clear understanding of the report's content. - The reporting period is defined as January 1, 2025, to June 30, 2025[14] - The company's main products include 801 product (N,N-dimethylaminoacrylate), 1201 product (2,4-dichloro-5-fluorobenzoyl chloride), 1501 product (ethyl 2-(2,4-dichloro-5-fluorobenzoyl)-3-cyclopropylaminoacrylate), 1701 product (norfloxacin advanced intermediate), and 1801 product (2,4-dichlorofluorobenzene), primarily used in pharmaceutical and pesticide intermediates[14][16] - The company has established three major technology platforms: carbon monoxide carbonylation reaction technology platform, carbon tetrachloride Friedel-Crafts reaction technology platform, and quinolone API green synthesis technology platform[14] Section 2 Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and key financial performance indicators for the reporting period. I. Company Profile Zhejiang Benli Technology Co., Ltd. (stock code: 301065) is listed on the Shenzhen Stock Exchange, with Wu Zhengjie as its legal representative. - The company's stock abbreviation is “Benli Technology”, stock code “301065”, listed on the Shenzhen Stock Exchange[18] - The company's legal representative is Wu Zhengjie[18] II. Contact Persons and Information The company's Board Secretary is Wang Jiajia, and Securities Affairs Representative is Cai Lili, with contact details provided. - The Board Secretary is Wang Jiajia, and the Securities Affairs Representative is Cai Lili[19] - The company's contact address is No. 15, Donghai Sixth Avenue, Toumen Port New Area, Linhai, Zhejiang Province[19] III. Other Information No changes occurred in the company's contact information, disclosure locations, or registration during the reporting period. - The company's registered address, office address, website, and email address remained unchanged during the reporting period[20] - Information disclosure and placement locations remained unchanged during the reporting period[21] - The company's registration status remained unchanged during the reporting period[22] IV. Key Accounting Data and Financial Indicators Operating revenue decreased by 9.67%, while net profit attributable to shareholders increased by 7.64%, and operating cash flow significantly declined by 56.04%. 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | This Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 342,267,164.16 | 378,906,562.22 | -9.67% | | Net Profit Attributable to Shareholders of Listed Company | 44,662,516.94 | 41,491,608.40 | 7.64% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 42,244,373.63 | 40,596,518.45 | 4.06% | | Net Cash Flow from Operating Activities | 75,240,160.15 | 171,162,983.40 | -56.04% | | Basic Earnings Per Share (Yuan/share) | 0.43 | 0.40 | 7.50% | | Diluted Earnings Per Share (Yuan/share) | 0.43 | 0.40 | 7.50% | | Weighted Average Return on Net Assets | 3.37% | 3.21% | 0.16% | | Indicator (Period-end) | This Reporting Period-end (Yuan) | Prior Year-end (Yuan) | Period-end vs. Prior Year-end Change (%) | | Total Assets | 1,645,174,861.49 | 1,619,459,478.19 | 1.59% | | Net Assets Attributable to Shareholders of Listed Company | 1,328,143,330.68 | 1,302,095,263.03 | 2.00% | V. Differences in Accounting Data under Domestic and Overseas Accounting Standards No differences exist in net profit and net assets between financial reports prepared under domestic and international accounting standards. - During the reporting period, there were no differences in net profit and net assets in the financial reports disclosed by the company under International Accounting Standards compared to Chinese Accounting Standards[24] - During the reporting period, there were no differences in net profit and net assets in the financial reports disclosed by the company under overseas accounting standards compared to Chinese Accounting Standards[25] VI. Non-recurring Gains and Losses Items and Amounts Total non-recurring gains and losses amounted to 2.4181 million yuan, mainly from government subsidies and fair value changes in financial assets. 2025 Semi-Annual Non-recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | -748,137.07 | | Government grants recognized in current profit or loss (excluding those continuously affecting) | 2,614,041.55 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains/losses of financial assets and liabilities (excluding hedging activities) | 1,549,772.82 | | Other non-operating income and expenses apart from the above | -477,902.40 | | Less: Income tax impact | 519,631.59 | | Total | 2,418,143.31 | Section 3 Management Discussion and Analysis This section provides a comprehensive analysis of the company's main businesses, core competencies, financial performance, investment activities, and risk management strategies. I. Main Businesses Engaged by the Company During the Reporting Period The company specializes in R&D, production, and sales of pharmaceutical, pesticide, and new material intermediates, operating within the chemical manufacturing industry. - The company operates in “C26 Chemical Raw Materials and Chemical Products Manufacturing”[30] - In the first half of 2025, operating revenue for industrial enterprises above designated size in the chemical raw materials and chemical products manufacturing industry increased by 1.4% year-on-year, while total profit decreased by 9% year-on-year[30] - The company's main business is the R&D, production, and sales of pharmaceutical intermediates, pesticide intermediates, and new material intermediates[30] 1. Industry Development Status The chemical manufacturing industry saw a 1.4% revenue growth but a 9% profit decline in H1 2025, while pharmaceutical and pesticide sectors show sustained demand. - The company operates in “C26 Chemical Raw Materials and Chemical Products Manufacturing” within “C Manufacturing”[30] - In the first half of 2025, operating revenue for industrial enterprises above designated size in the chemical raw materials and chemical products manufacturing industry increased by 1.4% year-on-year, while total profit decreased by 9% year-on-year[30] - The pharmaceutical industry's demand continues to grow driven by an aging population and increased health awareness, with China dominating 60% of global antibiotic and vitamin intermediate supply[31] - The pesticide industry is influenced by increased global food security priorities, with China, as the world's largest pesticide exporter, transitioning towards high-quality and green development[32] 2. Company's Main Products and Uses The company's main products are pharmaceutical and pesticide intermediates, including 801, 1201, 1501, 1701, and 1801, used in synthesizing quinolone APIs or fourth-generation fungicides. Company's Main Products and Uses | No. | Product Code or Abbreviation | Chemical Name | Main Uses | Application Category | | :--- | :--- | :--- | :--- | :--- | | 1 | 801 Product | N,N-dimethylaminoacrylate | Synthesis of quinolone APIs such as levofloxacin, ofloxacin, ciprofloxacin, enrofloxacin, norfloxacin; synthesis of fourth-generation fungicides such as bixafen, fluopyram, isoflucypram | Pharmaceutical Intermediate, Pesticide Intermediate | | 2 | 1201 Product | 2,4-dichloro-5-fluorobenzoyl chloride | Synthesis of quinolone APIs such as ciprofloxacin, enrofloxacin, norfloxacin | Pharmaceutical Intermediate | | 3 | 1501 Product | Ethyl 2-(2,4-dichloro-5-fluorobenzoyl)-3-cyclopropylaminoacrylate | Synthesis of quinolone APIs such as ciprofloxacin, enrofloxacin, clinofloxacin, besifloxacin | Pharmaceutical Intermediate | | 4 | 1701 Product | 1-ethyl-7-(1-piperazinyl)-6-fluoro-1,4-dihydro-4-oxo-3-quinolinecarboxylic acid hydrochloride | Synthesis of quinolone APIs such as norfloxacin, pefloxacin | Pharmaceutical Intermediate | | 5 | 1801 Product | 2,4-dichlorofluorobenzene | Raw material for the company's 1201 product | Pharmaceutical Intermediate | 3. Upstream and Downstream Industrial Chains of Main Products The company's products connect basic chemical raw materials upstream with pharmaceutical, pesticide, and new material industries downstream. - The upstream industrial chain of the company's main products consists of basic chemical raw materials, while the downstream industrial chain extends to application industries such as pharmaceuticals, pesticides, and new materials[37] 4. Main Business Models The company employs market-oriented R&D, production-driven procurement, planned production, and a sales model combining domestic direct sales with international exports. - R&D Model: Adhering to the “innovation, substitution, and cost” philosophy, the company insists on independent R&D and industry-university-research cooperation[39] - Procurement Model: Implements “production-driven procurement, reasonable inventory,” combining centralized and local procurement, while monitoring raw material price trends[40][41] - Production Model: Production plans are formulated based on monthly sales forecasts, with full-process supervision and control by the Safety, Environmental Protection, and Quality Departments[42] - Sales Model: Primarily domestic direct sales, supplemented by self-operated exports, developing new customers and application areas through flexible strategies[43] II. Analysis of Core Competencies The company's core competencies include continuous technological innovation, a comprehensive quality management system, stable supply chains, a professional team, certified management systems, and a favorable geographical location. - The company has established three major technology platforms: carbon monoxide carbonylation reaction, carbon tetrachloride Friedel-Crafts reaction, and quinolone API green synthesis, holding 25 invention patents, 6 utility model patents, and 12 software copyrights[44] - The company has established a comprehensive quality management system covering the entire procurement, production, and sales process, building brand influence through strict quality control[45] - The company has established long-term cooperation with core suppliers to ensure stable raw material supply and maintains long-term stable relationships with customers[46] - The company possesses a professional and pragmatic core team with over ten years of experience in the chemical intermediate field[47] - The company has passed ISO9001:2015 Quality Management System, ISO14001:2015 Environmental Management System, and ISO45001:2018 Occupational Health and Safety Management System certifications[49] - The company is located in Taizhou Bay Economic and Technological Development Zone, a national-level economic and technological development zone, enjoying complete park facilities and transportation conditions[50] III. Main Business Analysis Operating revenue decreased by 9.67% due to lower sales, while sales expenses surged by 101.94%, and operating cash flow significantly dropped by 56.04%. Major Financial Data Year-on-Year Changes | Indicator | This Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 342,267,164.16 | 378,906,562.22 | -9.67% | Primarily due to a decrease in sales volume of main products in this period | | Operating Cost | 265,456,205.87 | 307,060,649.57 | -13.55% | Primarily due to a decrease in sales volume of main products in this period, leading to a corresponding decrease in costs | | Selling Expenses | 1,610,424.98 | 797,484.64 | 101.94% | Primarily due to an increase in sales personnel and corresponding increase in employee compensation in this period | | Financial Expenses | -8,944,067.46 | -8,207,159.60 | -8.98% | Primarily due to an increase in exchange gains in this period | | Income Tax Expenses | 7,774,631.29 | 5,840,609.14 | 33.11% | Primarily due to an increase in deferred income tax expenses in this period | | R&D Investment | 13,525,025.05 | 13,232,422.88 | 2.21% | | | Net Cash Flow from Operating Activities | 75,240,160.15 | 171,162,983.40 | -56.04% | Primarily due to an increase in cash paid for purchases and labor in this period | | Net Cash Flow from Investing Activities | -152,641,164.30 | -223,504,673.68 | 31.94% | Primarily due to a decrease in net investment in financial assets held for trading and a decrease in fixed asset investment in this period | | Net Cash Flow from Financing Activities | -10,462,564.98 | -59,654,505.94 | 82.46% | Primarily due to no share repurchase occurring in this period compared to the same period last year | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin (%) | Year-on-Year Change in Operating Revenue (%) | Year-on-Year Change in Operating Cost (%) | Year-on-Year Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 801 Product | 49,991,985.00 | 33,857,337.90 | 32.27% | -13.54% | -14.51% | 0.76% | | 1201 Product | 40,679,646.02 | 33,073,703.47 | 18.70% | -3.74% | -14.47% | 10.20% | | 1501 Product | 138,106,487.73 | 115,862,642.93 | 16.11% | -6.64% | -16.23% | 9.60% | | 1701 Product | 56,880,291.56 | 43,586,772.98 | 23.37% | -23.31% | -15.40% | -7.17% | IV. Non-Main Business Analysis Non-main businesses contributed minimally to total profit, with investment income from structured deposits and sustainable credit impairment losses from bad debt recovery. Non-Main Business Profit and Loss | Item | Amount (Yuan) | Proportion of Total Profit (%) | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 789,287.72 | 1.51% | Primarily due to income from matured structured deposits | No | | Asset Impairment | 113,604.77 | 0.22% | | No | | Non-operating Income | 6,000.00 | 0.01% | | No | | Non-operating Expenses | 483,902.40 | 0.92% | | No | | Credit Impairment Losses | 1,503,230.55 | 2.87% | Primarily due to recovery or reversal of bad debt provisions for accounts receivable in this period | Yes | | Asset Disposal Income | -748,137.07 | -1.43% | Primarily due to losses from disposal of non-current assets in this period | No | V. Analysis of Assets and Liabilities Total assets grew by 1.59%, while monetary funds decreased due to investments and dividends, and financial assets measured at fair value primarily include structured deposits. Significant Changes in Asset Composition | Item | Period-end Amount (Yuan) | Proportion of Total Assets (%) | Year-end Amount (Yuan) | Proportion of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 458,262,198.92 | 27.85% | 542,933,486.22 | 33.53% | -5.68% | Primarily due to increased investment in structured deposits and increased cash dividend distribution in this period | | Accounts Receivable | 112,227,385.64 | 6.82% | 142,855,428.03 | 8.82% | -2.00% | | | Inventories | 120,796,475.56 | 7.34% | 117,968,907.48 | 7.28% | 0.06% | | | Fixed Assets | 421,110,408.99 | 25.60% | 389,305,508.12 | 24.04% | 1.56% | | | Construction in Progress | 116,393,095.00 | 7.07% | 150,346,250.41 | 9.28% | -2.21% | | | Long-term Borrowings | 20,670,000.00 | 1.26% | 10,000,000.00 | 0.62% | 0.64% | | - The company had no major overseas assets during the reporting period[59] Assets and Liabilities Measured at Fair Value | Item | Period-end Amount (Yuan) | | :--- | :--- | | Financial assets held for trading | 230,000,000.00 | | Investments in other equity instruments | 500,000.00 | | Notes receivable financing | 54,657,753.05 | | Total above | 285,157,753.05 | | Financial liabilities | 0.00 | Asset Rights Restricted as of the End of the Reporting Period | Item | Period-end Book Balance (Yuan) | Period-end Book Value (Yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 7,402,000.00 | 7,402,000.00 | Deposit | Letter of guarantee, ETC deposit | | Intangible Assets | 95,172,000.00 | 89,620,300.00 | Mortgage | Mortgage loan | | Construction in Progress | 23,810,976.60 | 23,810,976.60 | Mortgage | Mortgage loan | | Total | 126,384,976.60 | 120,833,276.60 | | | VI. Analysis of Investment Status Investment increased by 78.93% due to structured deposits, with no major equity or non-equity investments, while several raised fund projects faced delays and underperformance. - Total investment for the reporting period was 343.9353 million yuan, a 78.93% increase year-on-year, primarily due to increased purchases of structured deposits[62][63] - The company had no significant equity investments or significant non-equity investments in progress during the reporting period[64] 1. Overall Situation Total investment reached 344 million yuan, a 78.93% increase year-on-year, mainly due to increased structured deposit purchases. Reporting Period Investment Amount | Reporting Period Investment Amount (Yuan) | Prior Year Period Investment Amount (Yuan) | Change (%) | | :--- | :--- | :--- | | 343,935,308.34 | 192,217,778.87 | 78.93% | - Investment amount increased significantly due to increased purchases of structured deposits during the reporting period[63] 2. Significant Equity Investments Acquired During the Reporting Period The company did not acquire any significant equity investments during the reporting period. - The company did not acquire any significant equity investments during the reporting period[64] 3. Significant Non-Equity Investments in Progress During the Reporting Period No significant non-equity investment projects were in progress during the reporting period. - The company had no significant non-equity investments in progress during the reporting period[64] 4. Financial Assets Measured at Fair Value Total financial assets measured at fair value reached 285 million yuan, primarily comprising 230 million yuan in structured deposits and 54.6578 million yuan in notes receivable financing. Financial Assets Measured at Fair Value | Asset Category | Period-end Amount (Yuan) | Funding Source | | :--- | :--- | :--- | | Financial assets held for trading | 230,000,000.00 | Self-owned funds, Raised funds | | Investments in other equity instruments | 500,000.00 | Self-owned funds | | Notes receivable financing | 54,657,753.05 | Self-owned funds | | Total | 285,157,753.05 | | 5. Use of Raised Funds The company's IPO raised 683 million yuan, with 17.0244 million yuan used this period; several projects are delayed and underperforming due to market and construction factors. - The net proceeds from the company's initial public offering amounted to RMB 683 million[68] - During the reporting period, the company actually used 17.0244 million yuan of raised funds[68] - As of June 30, 2025, the company's unused raised funds amounted to 302 million yuan, of which 112 million yuan was held in special accounts for raised funds, and 190 million yuan was in unexpired cash management products[71] - Several committed raised fund projects (such as the acrylic ester product technical upgrade and new 2,4-dichloro-5-fluorobenzoyl chloride project based on CO carbonylation reaction, 2,4-dichloro-5-fluorobenzoyl chloride technical upgrade and expansion, and new norfloxacin and uracil projects, and R&D center construction project) have not met planned progress or expected benefits[70][71] - Reasons for not meeting planned progress include changes in market demand, delays in shutdown for renovation, adjustments in project construction philosophy, and complex foundations[70][71] - The main reason for not achieving expected benefits is the decline in product selling prices, resulting in gross profit margins lower than originally forecasted[71] - The company has approved proposals to change the use of some raised funds, adjust the total investment amount, and postpone some raised investment projects to adapt to market changes and optimize project implementation[71][76] VII. Wealth Management, Derivative Investments, and Entrusted Loans The company engaged in wealth management totaling 450 million yuan, with 370 million yuan outstanding, and no derivative investments or entrusted loans. Overview of Wealth Management During the Reporting Period | Specific Type | Funding Source for Wealth Management | Amount of Wealth Management Transactions (10,000 Yuan) | Outstanding Balance (10,000 Yuan) | Overdue Unrecovered Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Other | Self-owned funds | 26,000 | 18,000 | 0 | | Other | Raised funds | 19,000 | 19,000 | 0 | | Total | | 45,000 | 37,000 | 0 | - The company had no derivative investments during the reporting period[79] - The company had no entrusted loans during the reporting period[80] VIII. Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period. - The company did not sell any significant assets during the reporting period[81] - The company did not sell any significant equity during the reporting period[82] IX. Analysis of Major Holding and Participating Companies Major subsidiaries, Hangzhou Xinbenli and Linhai Benli, both reported negative operating and net profits, with Linhai Benli having no operating revenue. Financial Status of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (10,000 Yuan) | Total Assets (10,000 Yuan) | Net Assets (10,000 Yuan) | Operating Revenue (10,000 Yuan) | Operating Profit (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Xinbenli Pharmaceutical Co., Ltd. | Subsidiary | Technology development, pharmaceutical chemical product sales, etc. | 300.00 | 903.23 | 305.79 | 432.34 | -9.69 | -9.02 | | Linhai Benli Technology Co., Ltd. | Subsidiary | Pharmaceutical production, etc. | 30,000.00 | 37,382.52 | 30,059.20 | 0.00 | -199.64 | -199.20 | - The company did not acquire or dispose of any subsidiaries during the reporting period[84] X. Structured Entities Controlled by the Company The company had no controlled structured entities during the reporting period. - The company had no controlled structured entities during the reporting period[85] XI. Risks Faced by the Company and Countermeasures The company addresses risks like macroeconomic volatility, R&D innovation, talent retention, raw material prices, and environmental protection through diversified operations, increased R&D, and enhanced management. - Risk of macroeconomic fluctuations: The company responds by deeply understanding industry trends, optimizing product structure, expanding domestic markets, and optimizing export regional structure[84] - Risk of insufficient R&D innovation and technological iteration: The company adheres to market demand orientation, increases R&D investment and industry-university-research cooperation, and improves talent mechanisms to ensure product upgrades and diversified business structure[85] - Risk of loss of core technical personnel and technology leakage: The company attracts, retains, and cultivates talent by providing good incentive mechanisms, research environments, and development opportunities, maintaining team stability[85][86] - Risk of major raw material price fluctuations: The company mitigates risk by strengthening cost accounting, establishing strict procurement procedures, building long-term cooperative relationships with major suppliers, and enhancing bargaining power[86] - Risk of safety production: The company highly values safety production, strictly enforces laws and regulations, improves the safety production standardization system, and increases safety investment and employee training[87] - Risk of environmental protection: The company actively responds to environmental policies, increases environmental protection investment, and reduces environmental risks through "three wastes" treatment research and process improvements[87] XII. Registration Form for Investor Relations Activities During the Reporting Period On May 13, 2025, the company participated in an online earnings briefing to discuss operations and development strategy with investors. - On May 13, 2025, the company participated online in the 2024 Annual and Q1 2025 Earnings Briefing via the Value Online network platform, discussing operations and development strategy with investors[88] XIII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company did not disclose a market value management system or a valuation enhancement plan during the reporting period. - The company has not formulated a market value management system[89] - The company has not disclosed a valuation enhancement plan[90] XIV. Implementation of “Quality and Return Dual Improvement” Action Plan The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan. - The company has not disclosed an announcement regarding the “Quality and Return Dual Improvement” action plan[90] Section 4 Corporate Governance, Environment and Society This section covers changes in governance, profit distribution, employee incentives, environmental disclosures, and the company's social responsibility initiatives. I. Changes in Directors, Supervisors, and Senior Management No changes occurred in the company's directors, supervisors, or senior management during the reporting period. - There were no changes in the company's directors, supervisors, and senior management during the reporting period[91] II. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period. - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[92] III. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company canceled 962,500 restricted shares from its 2024 incentive plan and implemented no other employee stock ownership or incentive measures. - On May 21, 2025, the company canceled 962,500 restricted shares from the 2024 Restricted Stock Incentive Plan that had been granted but not yet vested[93] - The company did not implement any employee stock ownership plans or other employee incentive measures during the reporting period[94] IV. Environmental Information Disclosure The company and its main subsidiary are listed as enterprises required to disclose environmental information by law. - The company and its main subsidiary, Zhejiang Benli Technology Co., Ltd., have been included in the list of enterprises required to disclose environmental information by law[94][95] V. Social Responsibility The company actively fulfills social responsibilities, including protecting shareholder rights, ensuring employee welfare, maintaining partnerships, promoting environmental protection, and engaging in philanthropy. - The company's vision is “to become a technologically leading, employee-trusted, and socially respected green chemical enterprise,” and its mission is “to contribute green chemical concepts and products to society and create a harmonious and beautiful future for humanity”[96] - The company implemented the 2024 profit distribution plan, distributing a cash dividend of 2.00 yuan (tax inclusive) per 10 shares to all shareholders, based on 103,172,638 shares, totaling 20,634,527.60 yuan[97] - The company strictly adheres to labor laws and regulations, has established human resource management and employee social insurance systems, and provides compensation incentives, training, and labor protection[97] - The company has established a supplier evaluation system, values customer relationship maintenance, and is committed to win-win cooperation[98] - The company actively responds to environmental policies, increases environmental protection investment, carries out clean production activities, and promotes green development[99] - The company focuses on attracting and stabilizing employee employment, pays taxes honestly and lawfully, and donates to local education and charitable activities[99] Section 5 Significant Matters This section details significant matters including commitments, fund occupation, guarantees, audit reports, litigation, penalties, integrity, related party transactions, and major contracts. I. Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period No commitments by the actual controller, shareholders, related parties, or the company were fulfilled or overdue unfulfilled during the reporting period. - During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself[101] II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties No non-operating fund occupation by controlling shareholders or other related parties occurred during the reporting period. - During the reporting period, there was no non-operating occupation of listed company funds by controlling shareholders or other related parties[102] III. Illegal External Guarantees The company had no illegal external guarantees during the reporting period. - The company had no illegal external guarantees during the reporting period[103] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual report was not audited. - The company's semi-annual report was not audited[104] V. Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the “Non-Standard Audit Report” for This Reporting Period No non-standard audit report was issued for this period, thus no explanation from the board, supervisory board, or audit committee is required. - The company had no non-standard audit report during the reporting period[105] VI. Explanation by the Board of Directors on the “Non-Standard Audit Report” for the Previous Year No non-standard audit report was issued for the previous year, thus no explanation from the board is required. - The company had no non-standard audit report for the previous year during the reporting period[105] VII. Bankruptcy and Reorganization Matters The company had no bankruptcy and reorganization matters during the reporting period. - The company had no bankruptcy and reorganization matters during the reporting period[105] VIII. Litigation Matters The company had no significant litigation, arbitration, or other legal matters during the reporting period. - The company had no significant litigation or arbitration matters during this reporting period[106] - The company had no other litigation matters during the reporting period[106] IX. Penalties and Rectification Status The company had no penalties or rectification situations during the reporting period. - The company had no penalties or rectification situations during the reporting period[107] X. Integrity Status of the Company, its Controlling Shareholder and Actual Controller No integrity issues concerning the company, its controlling shareholder, or actual controller were reported. - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[108] XI. Significant Related Party Transactions No significant related party transactions, including those related to operations, asset deals, investments, or debt, occurred during the reporting period. - The company had no related party transactions related to daily operations during the reporting period[108] - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[109] - The company had no related party transactions involving joint external investments during the reporting period[110] - The company had no related party creditor-debtor relationships during the reporting period[111] - There were no deposits, loans, credit lines, or other financial transactions between the company and affiliated finance companies, or between the company's controlled finance companies and related parties[112][113] - The company had no other significant related party transactions during the reporting period[114] XII. Significant Contracts and Their Performance The company had no trusteeship or contracting, but engaged in several operating leases; a 100 million yuan guarantee limit for a subsidiary had no actual usage. - The company had no trusteeship or contracting situations during the reporting period[115][116] - During the reporting period, the company had several ordinary course of business leases, primarily involving its subsidiary Hangzhou Xinbenli leasing offices and laboratories, with lease terms extending to 2027 or 2028, and total annual rent of approximately 800,000 yuan[117][118] - The company had no lease projects that generated profit or loss exceeding 10% of the company's total profit for the reporting period[119] Company's Guarantee Status for Subsidiaries | Guaranteed Entity Name | Announcement Date of Guarantee Limit | Guarantee Limit (10,000 Yuan) | Actual Occurrence Date | Actual Guarantee Amount (10,000 Yuan) | Guarantee Type | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Linhai Benli Technology Co., Ltd. | April 24, 2025 | 10,000 | | 0 | | | No | No | - The total approved guarantee limit for subsidiaries during the reporting period was 100 million yuan, with a total actual amount incurred of 0 yuan[121] - The company had no significant ordinary course of business contracts or other significant contracts during the reporting period[124] XIII. Explanation of Other Significant Matters The company completed its 2024 profit distribution on June 13, 2025, paying a 2.00 yuan cash dividend per 10 shares, totaling 20.6345 million yuan. - The company completed the implementation of its 2024 annual profit distribution plan on June 13, 2025, distributing a cash dividend of RMB 2.00 (tax inclusive) per 10 shares to all shareholders, totaling RMB 20,634,527.60[125] XIV. Significant Matters of Company Subsidiaries The company had no significant subsidiary matters during the reporting period. - The company had no significant subsidiary matters during the reporting period[126] Section 6 Share Changes and Shareholder Information This section details the company's share capital changes, securities issuance, shareholder structure, and changes in controlling shareholders or actual controllers. I. Share Change Status The company's total share capital remained at 106 million shares with no changes in restricted or unrestricted share proportions. Share Change Status | Item | Quantity Before Change (shares) | Proportion Before Change (%) | Net Increase/Decrease in This Change (shares) | Quantity After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 19,732,500 | 18.61% | 0 | 19,732,500 | 18.61% | | II. Unrestricted Shares | 86,287,500 | 81.39% | 0 | 86,287,500 | 81.39% | | III. Total Shares | 106,020,000 | 100.00% | 0 | 106,020,000 | 100.00% | - The company disclosed the “Announcement on Repurchase Results and Share Changes” on January 22, 2025[130] - There were no changes in the company's unrestricted shares during the reporting period[131] II. Securities Issuance and Listing Status The company had no securities issuance or listing during the reporting period. - The company had no securities issuance or listing during the reporting period[131] III. Number of Shareholders and Shareholding Status The company had 10,366 common shareholders, with Wu Zhengjie holding 24.18% and Chen Jianjun 10.10% among the top ten. - At the end of the reporting period, the total number of common shareholders was 10,366[132] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at Period-end (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wu Zhengjie | Domestic Natural Person | 24.18% | 25,635,000 | 19,226,250 | 6,408,750 | | Chen Jianjun | Domestic Natural Person | 10.10% | 10,710,000 | 0 | 10,710,000 | | Hangzhou Shaosi Investment Partnership (Limited Partnership) | Other | 7.43% | 7,875,000 | 0 | 7,875,000 | | Gu Haining | Domestic Natural Person | 6.04% | 6,405,000 | 0 | 6,405,000 | | Jiang Huajiang | Domestic Natural Person | 5.05% | 5,355,000 | 0 | 5,355,000 | - Individual shareholder Wu Zhengjie and Liu Cuirong, the executive partner of Hangzhou Shaosi Investment Partnership (Limited Partnership), are married; individual shareholders Wu Zhengjie, Chen Jianjun, and Gu Haining are limited partners of Hangzhou Shaosi Investment Partnership (Limited Partnership)[133] - The company has no differential voting rights arrangements, and the top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[134] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management No changes occurred in the shareholdings of the company's directors, supervisors, or senior management during the reporting period. - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[135] V. Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period. - The company's controlling shareholder remained unchanged during the reporting period[136] - The company's actual controller remained unchanged during the reporting period[136] VI. Preferred Share Information The company had no preferred shares during the reporting period. - The company had no preferred shares during the reporting period[137] Section 7 Bond Information This section confirms that the company had no bond-related activities or outstanding bonds during the reporting period. Bond Information The company had no bond-related information during the reporting period. - The company had no bond-related information during the reporting period[139] Section 8 Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies and financial items. I. Audit Report The company's semi-annual financial report was not audited. - The company's semi-annual financial report was not audited[141] II. Financial Statements This section presents the consolidated and parent company financial statements for H1 2025, detailing financial position, operating results, and cash flows. 1. Consolidated Balance Sheet As of June 30, 2025, consolidated total assets were 1.645 billion yuan, liabilities 317 million yuan, and owners' equity 1.328 billion yuan. Consolidated Balance Sheet Key Data (Period-end) | Item | Period-end Balance (Yuan) | | :--- | :--- | | Total Assets | 1,645,174,861.49 | | Total Liabilities | 317,031,530.81 | | Total Owners' Equity | 1,328,143,330.68 | | Monetary Funds | 458,262,198.92 | | Financial Assets Held for Trading | 230,000,000.00 | | Accounts Receivable | 112,227,385.64 | | Inventories | 120,796,475.56 | | Fixed Assets | 421,110,408.99 | | Construction in Progress | 116,393,095.00 | | Notes Payable | 139,689,184.00 | | Accounts Payable | 96,029,965.72 | | Long-term Borrowings | 20,670,000.00 | 2. Parent Company Balance Sheet As of June 30, 2025, parent company total assets were 1.617 billion yuan, liabilities 290 million yuan, and owners' equity 1.328 billion yuan. Parent Company Balance Sheet Key Data (Period-end) | Item | Period-end Balance (Yuan) | | :--- | :--- | | Total Assets | 1,617,321,239.47 | | Total Liabilities | 289,710,306.82 | | Total Owners' Equity | 1,327,610,932.65 | | Monetary Funds | 276,358,287.13 | | Financial Assets Held for Trading | 230,000,000.00 | | Accounts Receivable | 111,669,349.94 | | Long-term Equity Investments | 303,304,914.49 | | Fixed Assets | 420,375,216.23 | | Construction in Progress | 19,737,103.18 | | Notes Payable | 139,689,184.00 | | Accounts Payable | 93,089,385.22 | 3. Consolidated Income Statement H1 2025 total operating revenue was 342 million yuan (down 9.67%), with net profit of 44.6625 million yuan (up 7.64%), and basic EPS of 0.43 yuan. Consolidated Income Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 342,267,164.16 | 378,906,562.22 | | Total Operating Costs | 295,147,183.31 | 335,122,602.92 | | Operating Profit | 52,915,050.63 | 47,329,219.58 | | Total Profit | 52,437,148.23 | 47,332,217.54 | | Net Profit | 44,662,516.94 | 41,491,608.40 | | Net Profit Attributable to Parent Company Shareholders | 44,662,516.94 | 41,491,608.40 | | Basic Earnings Per Share | 0.43 | 0.40 | | Diluted Earnings Per Share | 0.43 | 0.40 | 4. Parent Company Income Statement H1 2025 parent company operating revenue was 340 million yuan (down 9.70%), with net profit of 46.7459 million yuan (up 11.81%), and basic EPS of 0.45 yuan. Parent Company Income Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 340,393,780.96 | 376,958,314.43 | | Operating Cost | 264,265,365.74 | 306,071,997.19 | | Operating Profit | 55,009,433.07 | 47,335,330.22 | | Total Profit | 54,531,530.67 | 47,338,328.18 | | Net Profit | 46,745,850.79 | 41,807,268.50 | | Basic Earnings Per Share | 0.45 | 0.40 | | Diluted Earnings Per Share | 0.45 | 0.40 | 5. Consolidated Cash Flow Statement H1 2025 net operating cash flow significantly decreased by 56.04% to 75.2402 million yuan, with net investing cash flow at -153 million yuan. Consolidated Cash Flow Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 75,240,160.15 | 171,162,983.40 | | Net Cash Flow from Investing Activities | -152,641,164.30 | -223,504,673.68 | | Net Cash Flow from Financing Activities | -10,462,564.98 | -59,654,505.94 | | Net Increase in Cash and Cash Equivalents | -84,671,287.30 | -110,794,373.50 | | Period-end Cash and Cash Equivalents Balance | 450,860,198.92 | 451,353,132.50 | 6. Parent Company Cash Flow Statement H1 2025 parent company net operating cash flow decreased by 54.89% to 76.6548 million yuan, with net investing cash flow at -143 million yuan. Parent Company Cash Flow Statement Key Data | Item | 2025 Semi-Annual (Yuan) | 2024 Semi-Annual (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 76,654,767.09 | 169,972,798.17 | | Net Cash Flow from Investing Activities | -143,248,478.58 | -202,850,615.97 | | Net Cash Flow from Financing Activities | -20,634,527.60 | -59,325,534.42 | | Net Increase in Cash and Cash Equivalents | -84,035,957.26 | -91,001,529.50 | | Period-end Cash and Cash Equivalents Balance | 276,348,287.13 | 277,919,082.23 | 7. Consolidated Statement of Changes in Owners' Equity H1 2025 consolidated owners' equity increased by 26.0481 million yuan to 1.328 billion yuan, driven by 44.6625 million yuan net profit and 2.0201 million yuan share-based payments. Consolidated Statement of Changes in Owners' Equity | Item | Beginning Balance (Yuan) | Amount of Change in This Period (Yuan) | Period-end Balance (Yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 1,302,095,263.03 | 26,048,067.65 | 1,328,143,330.68 | | Share Capital | 106,020,000.00 | 0.00 | 106,020,000.00 | | Capital Reserve | 734,240,722.71 | 2,020,078.31 | 736,260,801.02 | | Undistributed Profits | 464,236,509.15 | 24,027,989.34 | 488,264,498.49 | - Total comprehensive income for the period was 44,662,516.94 yuan[164] - Distributions to owners (or shareholders) for the period amounted to 20,634,527.60 yuan[164] 8. Parent Company Statement of Changes in Owners' Equity H1 2025 parent company owners' equity increased by 28.1305 million yuan to 1.328 billion yuan, with 46.7459 million yuan net profit and 2.0191 million yuan share-based payments. Parent Company Statement of Changes in Owners' Equity | Item | Beginning Balance (Yuan) | Amount of Change in This Period (Yuan) | Period-end Balance (Yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 1,299,480,480.15 | 28,130,452.50 | 1,327,610,932.65 | | Share Capital | 106,020,000.00 | 0.00 | 106,020,000.00 | | Capital Reserve | 734,239,647.16 | 2,019,129.31 | 736,258,776.47 | | Undistributed Profits | 461,622,801.82 | 26,111,323.19 | 487,734,125.01 | - Total comprehensive income for the period was 46,745,850.79 yuan[171] - Distributions to owners (or shareholders) for the period amounted to 20,634,527.60 yuan[171] III. Company Basic Information Zhejiang Benli Technology Co., Ltd., listed on ChiNext in September 2021, has a 106 million yuan registered capital, focusing on chemical manufacturing and sales, controlled by Wu Zhengjie and Liu Cuirong. - Zhejiang Benli Technology Co., Ltd. was listed on the ChiNext board of the Shenzhen Stock Exchange in September 2021[176] - As of June 30, 2025, the company's total issued share capital was 106 million shares, with a registered capital of 106 million yuan[176] - The company's main business activities include the manufacturing and sales of basic chemical raw materials and specialized chemical products[176] - The company's actual controllers are Wu Zhengjie and Liu Cuirong[176] - The subsidiaries directly or indirectly controlled by the company include Hangzhou Xinbenli Pharmaceutical Co., Ltd. and Linhai Benli Technology Co., Ltd[176] IV. Basis of Financial Statement Preparation Financial statements are prepared under Chinese accounting standards and CSRC regulations, based on a going concern assumption for at least 12 months. - These financial statements are prepared in accordance with the “Accounting Standards for Business Enterprises” issued by the Ministry of Finance and relevant provisions of the China Securities Regulatory Commission's “Rules for the Preparation of Information Disclosure by Companies Issuing Securities to the Public No. 15 - General Provisions on Financial Reports”[177] - These financial statements are prepared on a going concern basis, and the company has the ability to continue as a going concern for at least 12 months from the end of this reporting period[178][179] V. Significant Accounting Policies and Estimates This section details the company's accounting policies and estimates across various financial items, ensuring accuracy and compliance in financial reporting. - The company adheres to enterprise accounting standards to truthfully and completely reflect its financial position, operating results, and cash flows[181] - The company identifies individual construction in progress projects with amounts exceeding 0.5% of total assets as significant[185] - Financial assets are classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[196][197] - Inventories are classified as raw materials, revolving materials, semi-finished goods, finished goods, work-in-progress, goods in transit, etc., valued at weighted average cost upon issuance, and measured at the lower of cost and net realizable value[211][212][216] - Fixed assets are depreciated using the straight-line method, with buildings and structures depreciated over 20 years, and machinery and equipment over 5-10 years[226] - R&D expenditures are divided into research and development phases; research phase expenditures are expensed in the current period, while development phase expenditures are recognized as intangible assets when specific conditions are met[237] - Revenue is recognized when performance obligations in a contract are satisfied, i.e., when the customer obtains control of the related goods or services[252] - Government grants are classified as asset-related or income-related; asset-related grants reduce the carrying amount of the asset or are recognized as deferred income, while income-related grants are recognized directly in profit or loss[262][264] VI. Taxation The company's main taxes include VAT (13%), Urban Maintenance and Construction Tax (5%, 7%), and Enterprise Income Tax (15%, 20%, 25%), with tax preferences for high-tech and small-profit enterprises. Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Calculated based on sales of goods and taxable services as stipulated by tax law, after deducting deductible input VAT for the current period, the difference is the VAT payable | 13% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT and consumption tax paid | 5%, 7% | | Enterprise Income Tax | Calculated based on taxable income | 15%, 20%, 25% | | Education Surcharge | Calculated based on actual VAT and consumption tax paid | 3% | | Local Education Surcharge | Calculated based on actual VAT and consumption tax paid | 2% | - The company's enterprise income tax is paid at a rate of 15% (high-tech enterprise)[277] - Hangzhou Xinbenli met the small-profit enterprise standard for 2024 and pays enterprise income tax at a rate of 20%[277] - For 2025, the company benefits from the advanced manufacturing enterprise VAT additional deduction policy, allowing an additional 5% deduction from the current period's deductible input VAT amount against payable VAT[277] VII. Notes to Consolidated Financial Statement Items This section details period-end balances, changes, and explanations for consolidated financial statement items, including assets, liabilities, equity, and profit/loss. Monetary Funds Composition and Restricted Status | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 1,501.03 | 1,501.03 | | Bank Deposits | 450,854,516.39 | 535,525,803.69 | | Other Monetary Funds | 7,406,181.50 | 7,406,181.50 | | Total | 458,262,198.92 | 542,933,486.22 | | Of which: Total Restricted Monetary Funds | 7,402,000.00 | 7,402,000.00 | Financial Assets Held for Trading | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Financial assets measured at fair value through profit or loss | 230,000,000.00 | 110,516,089.26 | | Of which: Structured deposits | 230,000,000.00 | 110,516,089.26 | - Accounts receivable period-end book balance was 118 million yuan, bad debt provision was 5.9067 million yuan, and book value was 112 million yuan[283][284] - Notes receivable financing period-end balance was 54.6578 million yuan, primarily bank acceptance bills[293] - Fixed assets period-end book value was 421 million yuan, including 112 million yuan for buildings and structures, and 297 million yuan for machinery and equipment[330] - Construction in progress period-end book value was 116 million yuan, primarily including the acrylic ester product technical upgrade and new 2,4-dichloro-5-fluorobenzoyl chloride project based on CO carbonylation reaction, 2,4-dichloro-5-fluorobenzoyl chloride technical upgrade and expansion, and new norfloxacin and uracil projects, R&D center construction project, and other construction and installation equipment[336] - Intangible assets period-end book value was 115 million yuan, primarily 114 million yuan for land use rights[343] - Deferred income period-end balance was 27.1565 million yuan, all of which were asset-related government grants[388] Operating Revenue and Operating Cost | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 326,843,257.72 | 257,821,551.13 | 366,156,951.41 | 298,092,573.06 | | Other Businesses | 15,423,906.44 | 7,634,654.74 | 12,749,610.81 | 8,968,076.51 | | Total | 342,267,164.16 | 265,456,205.87 | 378,906,562.22 | 307,060,649.57 | Various Expenses | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Taxes and Surcharges | 3,378,070.71 | 3,085,855.33